Kolkata: For different factors, which are corporate developments, the stocks of RVNL, Rel Infrastructure, L&T, Patel Engineering, Remedium Lifecare arew expected to be in the news on Wednesday, February 19. On Tuesday, February 18, both Sensex and Nifty inched down by a few points mainly due to continued selling pressure by the foreign institutional investors. Sensex went down 29.47 points, or 0.04%, to close the day at 75,967.39 points and Nifty lost 14.20 points, or 0.06%, to close at 22,945.30 points.
Among the Sensex stocks such as IndusInd Bank, M&M, UltraTech Cement, HUL, Sun Pharma, TCS, ITC and Asian Paints featured among the top losers while a,mong the top gainers featured NTPC, Zomato, Tech Mahindra, Power Grid, Kotak Mahindra Bank and HCL Tech. Let’s check the developments at RVNL, Rel Infrastructure, L&T, Patel Engineering, Remedium Lifecare.
RVNL
PSU Rail Vikas Nigam Ltd (RVNL) on February 18 announced that said it got a letter of acceptance from Rail Infrastructure Development Company (Karnataka) to construct nine stations of Corridor-4A which is a part of the Bengaluru Suburban Rail Project. “A Letter of Acceptance has been received from Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) for “Package C4A: Construction of Nine (9 Nos.) Stations i.e. Elevated (1 No.) and At-Grade (8 Nos.) BSRP Stations of Corridor-4A…,” RVNL informed the exchanges. The contract is worth Rs 554.47-crore.
Reliance Infrastructure
Reliance Infrastructure is about to enter the renewable energy equipment manufacturing sector to expand its business activities, reports said. The company has appointed a new CEO (Ivan Saha) for the business of renewable manufacturing and another CEO for battery manufacturing (Mushtaque Hussain). Reports stated that Reliance Infrastructure will establish a solar equipment manufacturing unit to raise production of solar panels and components.
L&T
Infrastructure major Larsen & Toubro on Tuesday announced that it has acquired 26% stake in L&T Special Steels and Heavy Forgings for an amount of Rs 170 crore. The shares were bought from Nuclear Power Corporation of India. Incidentally, L&T already held 74% shares of the target company. Post acquisition L&T Special Steels and Heavy Forgings will be a subsidiary of L&T. “We wish to inform you that the company has acquired the balance 26% stake in L&T Special Steels and Heavy Forgings Private Limited (LTSSHF), an existing subsidiary of the Company, from Nuclear Power Corporation of India Limited (NPCIL) and also executed the Joint Venture Termination Agreement with NPCIL. Consequently, LTSSHF has become a wholly owned subsidiary of the Company,” wrote L&T to the exchanges.
Patel Engineering
Patel Engineering has it has bagged a Rs 1,090-crore irrigation project in Maharashtra along with its joint venture partner. Maharashtra Krishna Valley Development Corporation, Pune, has announced that Patel Engineering and its JV partner has emerged has the lowest bidder for constructing a pipeline network for Nira Deoghar Right Bank Main Canal. Work of the project has to be completed in 36 months.
Remedium Lifecare
Remedium Lifecare has won a multi-year contract with a UK-based pharmaceutical company for supplying APIs, intermediates and specialty chemicals. The contract is worth Rs 182 crore, reports said. The deal marks the entry of Remedium Lifecare in the cross-border supply chain of pharmaceutical products. According to reports, Remedium is a debt-free company. The company has an API manufacturing facility in Hyderabad.
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The stocks in news today (February 19) include RVNL, Rel Infrastructure, L&T, Patel Engineering and Remedium Lifecare for a variety of corporate developments. On February 18, BSE Sensex declined marginally by 29.47 points, or 0.04%, and ended the trading session at 75,967.39 points, while NSE Nifty inched down by 14.20 points, or 0.06%, to reach 22,945.30 points. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
